SG Americas Securities LLC Sells 27,364 Shares of Independent Bank Corp. (NASDAQ:INDB)

SG Americas Securities LLC lessened its stake in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 91.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,618 shares of the bank's stock after selling 27,364 shares during the period. SG Americas Securities LLC's holdings in Independent Bank were worth $172,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Nuance Investments LLC raised its position in Independent Bank by 80.6% during the third quarter. Nuance Investments LLC now owns 1,661,215 shares of the bank's stock valued at $81,549,000 after buying an additional 741,609 shares during the period. Morgan Stanley lifted its position in shares of Independent Bank by 251.3% in the fourth quarter. Morgan Stanley now owns 961,843 shares of the bank's stock worth $81,208,000 after purchasing an additional 688,062 shares in the last quarter. Norges Bank purchased a new position in Independent Bank during the fourth quarter valued at approximately $39,144,000. Clearbridge Investments LLC purchased a new position in Independent Bank during the third quarter valued at approximately $14,825,000. Finally, State Street Corp increased its stake in Independent Bank by 10.9% in the 1st quarter. State Street Corp now owns 2,216,687 shares of the bank's stock valued at $146,654,000 after buying an additional 218,237 shares during the period. 83.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. TheStreet cut shares of Independent Bank from a "b-" rating to a "c+" rating in a report on Wednesday, March 13th. Keefe, Bruyette & Woods cut their price target on Independent Bank from $66.00 to $64.00 and set a "market perform" rating for the company in a research note on Monday, January 22nd.

Independent Bank Stock Up 0.1 %

Shares of INDB traded up $0.06 during mid-day trading on Monday, hitting $48.70. 256,585 shares of the company's stock were exchanged, compared to its average volume of 292,889. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.42. Independent Bank Corp. has a twelve month low of $43.28 and a twelve month high of $68.75. The firm has a fifty day moving average of $51.23 and a two-hundred day moving average of $54.90. The stock has a market cap of $2.07 billion, a price-to-earnings ratio of 8.99 and a beta of 0.83.

Independent Bank (NASDAQ:INDB - Get Free Report) last posted its earnings results on Thursday, January 18th. The bank reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.01. Independent Bank had a return on equity of 8.35% and a net margin of 26.02%. The firm had revenue of $177.16 million during the quarter, compared to analyst estimates of $176.75 million. On average, sell-side analysts forecast that Independent Bank Corp. will post 4.58 earnings per share for the current year.

Independent Bank Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 5th. Investors of record on Monday, April 1st were paid a $0.57 dividend. The ex-dividend date was Thursday, March 28th. This is a positive change from Independent Bank's previous quarterly dividend of $0.55. This represents a $2.28 dividend on an annualized basis and a yield of 4.68%. Independent Bank's dividend payout ratio (DPR) is presently 42.07%.

Insider Buying and Selling

In other Independent Bank news, Director Donna L. Abelli sold 800 shares of the company's stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $52.83, for a total transaction of $42,264.00. Following the completion of the sale, the director now directly owns 11,640 shares in the company, valued at $614,941.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.97% of the company's stock.

Independent Bank Profile

Independent Bank Corp. operates as the bank holding company for Rockland Trust Company that provides commercial banking products and services to individuals and small-to-medium sized businesses in the United States. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.